Hello julieg14,
Yes, adjusting an open balance to zero is necessary before inactivating an account in QuickBooks Online.
To edit the opening balance, you can follow these steps:
- Go to the Gear icon and select Chart of accounts.
- Locate the account and select View register.
- Find the opening balance entry. Tip: Sort the date column to show the oldest entries first.
- Select the opening balance entry.
- Edit the date, then the amount. If needed, select Edit to make your changes.
- Select Save.
If you cannot zero out the balance, QuickBooks makes a journal entry when you make an account with a balance inactive. Please note that this process transfers the balance to another account. Also, the existing transactions do not vanish and they'll remain on your financial statements.
Please review the article to know the things need to do before making an account inactive: What to know before making an account inactive.
If you have other accounts that need to be managed within QuickBooks Online, you can always utilize the articles below to make sure you keep your bank data and accounts accurate from time to time:
Make sure to follow the details gathered above. That helps you inactive your account without any challenges when returning it in the future. Tag my name if you follow-up concerns. I'll be around to assist you, julieg14. Take care and stay safe.
